Activities of Frances FITZGERALD related to 2021/0378(COD)
Shadow reports (1)
REPORT on the proposal for a regulation of the European Parliament and of the Council establishing a European single access point providing centralised access to publicly available information of relevance to financial services, capital markets and sustainability
Amendments (48)
Amendment 73 #
Proposal for a regulation
Recital 2
Recital 2
(2) Easy access to data is important in order for decision makers in the economy and society to make sound decisions that serve the efficient functioning of the market. Rolling out common European data spaces in crucial sectors, including the financial sector, would serve that purpose. The financial sector is undergoing a digital transformation, which is expected to continue in the coming years, and the Union should support that transformation, in particular by promoting data-driven finance. Ensuring easier access to public information is also crucial to increasing opportunities for small and medium- business growth, visibility, and innovation. This includes easier access to voluntary information. Furthermore, putting sustainable finance at the heart of the financial system is a key means to achieving a green transition of the economy of the Union. For the green transition to succeed through sustainable finance, it is essential that information related to the sustainability of businesses is easily accessible to investors so that they are better informed when making decisions about investments. For those purposes, public access to entities’ information such as companies, businesses, financial institutions, financial and non- financial information needs to be improved. An efficient means to do so at Union level is to establish a centralised platform, a European single access point (“ESAP”), giving electronic access to all relevant information.
Amendment 76 #
Proposal for a regulation
Recital 3
Recital 3
(3) ESAP should provide the public with an easy centralised access to information about entities and their products that is made public in relation to financial services, capital markets and sustainability, according to a file-once principle and without entailing any additional reporting requirements beyond those specified by law. ESAP should also provide access to information relevant to financial services and capital markets that is made public on a voluntary basis by any entity governed by the law of a Member State, where such entity chooses to make that information accessible on ESAP. As presented in the Digital Finance Strategy, ESAP should be established as from 2024.
Amendment 80 #
Proposal for a regulation
Recital 4
Recital 4
(4) The information to be made publicly accessible on ESAP should be collected by collection bodies designated by the Member States for the purpose of collecting the information that the entities are under an obligation to make public. Collection bodies should not be required to build new systems where existing mechanisms are available. In order to ensure the efficient functioning of ESAP, the collection bodies should make the information available to ESAP in automated ways through a single application programming interface. For the information to be digitally usable, entities should make such information available in a data extractable format or, where required by Union law, in a machine- readable format. Compared to data extractable formats, machine-readable formats are file formats structured so that software applications can easily identify, recognise and extract specific data, including individual statements of fact, and their internal structure. To ensure that entities submit the information in the correct format and to address possible technical issues encountered by the entities, the collection bodies should provide assistance to those entities.
Amendment 82 #
Proposal for a regulation
Recital 5
Recital 5
(5) Apart from the information in relation to financial services, capital markets and sustainability that has to be made public under Union law, investors, market participants, advisors and the public at large may have an interest in obtaining other information that an entity wants to make accessible. Small and medium-sized enterprises may want to make more information publicly accessible in order to become more visible to potential investors and thereby increase funding and diversify funding opportunities. Also, market participants may want to provide more information than that required by law or to make public the information required by national law but not available at Union level in order to complement the information provided to the public at the Union level. Any entity should therefore be allowed to make financial, sustainability- related and other relevant information accessible on ESAP. Such voluntary information should be clearly identified. Furthermore, the requirement for additional metadata should be well- founded and kept to a minimum so as not to disincentivise voluntary submissions. Pursuant to the principle of data minimisation, entities should ensure that no personal data are included, except where those data constitute a necessary element of the information about their economic activities, including when the name of the entity coincides with the name of the owner. Where such information contains personal data, the entities should ensure that they can rely for such disclosure on one of the lawful grounds of processing laid down in Article 6 of Regulation (EU) 2016/679 of the European Parliament and of the Council26 . _________________ 26 Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation) (OJ L 119, 4.5.2016, p. 1).
Amendment 90 #
Proposal for a regulation
Recital 8
Recital 8
(8) ESAP risks being subject to confidentiality breaches, integrity risks or risks on availability of the system and on the information processed therein. Those threats include accidents, errors, deliberate attacks and natural events, and need to be recognised as operational risks. ESMA should implement appropriate and proportionate policies, including regular reviews, to ensure that ESAP protects the information processed and functions as needed to the highest appropriate standard.
Amendment 95 #
Proposal for a regulation
Recital 10
Recital 10
(10) Re-using information that is available on ESAP can improve the functioning of the internal market and promote the development of new services that combine and make use of such information. It is therefore necessary, where justified on grounds of a public interest objective, to allow re-use of the information that is available on ESAP for purposes other than the purposes for which the information was drawn up. However, the use and re-use of that information should be subject to objective, proportionate and non-discriminatory conditions. For that purpose, conditions corresponding to those laid down in open, standard licences within the meaning of Directive (EU) 2019/1024 of the European Parliament and of the Council27 should apply. The licensing terms of those standard licences should allow for data and content to be freely accessible, used, modified and shared by anyone for any purpose. ESMA should bear no liability for the use and re-use of information accessible on ESAP. The submission of information by the collection bodies should either not be subject to conditions or be subject to an open standard licence enabling the licensing terms applying for information accessible in the ESAP. Automated validations performed by collection bodies shall not concern the content of the information. _________________ 27 Directive (EU) 2019/1024 of the European Parliament and of the Council of 20 June 2019 on open data and the re-use of public sector information (OJ L 172, 26.6.2019, p. 56).
Amendment 105 #
Proposal for a regulation
Recital 12
Recital 12
(12) ESAP should provide users with access to information for free and without discrimination and should make it possible for those users to search, access and download the information through ESAP. However, taking into account the need to protect ESMA from an excessive financial burden in relation to costs incurred for serving the needs of intensive users, if any, ESMA should have the ability to generate revenues. Therefore, by way of derogation from the principle that information should be accessible free of charge, ESMA should be allowed to impose fees for those specific services, including for services with high maintenance costs due to searches for very large volumes of information or to frequent access to ESAP. Any fees imposed should, however, not exceed the cost of the service provided. Any fees imposed should, however, not exceed the cost of the service provided and should not apply to entities which make use of information provided by ESAP to fulfil regulatory obligations or for educational purposes.
Amendment 108 #
Proposal for a regulation
Recital 15
Recital 15
(15) In order to build and maintain public trust in ESAP and to protect each entity from undue alteration of its information, ESAP should ensure data integrity and credibility of the source of the information submitted to the collection bodies. Therefore, information submitted by the entities should include a qualified electronic seal attached to the information submitted as defined in Article 3(20), of Regulation (EU) No 910/2014 of the European Parliament and of the Council29 . A specific legal entity identifier may be a mandatory attribute of that certificate. That seal or signature acquired by ESAP should be made available to users. _________________ 29 Regulation (EU) No 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for electronic transactions in the internal market and repealing Directive 1999/93/EC (OJ L 257, 28.8.2014, p. 73)A specific legal entity identifier may be a mandatory attribute of that certificate. That seal or signature acquired by ESAP should be made available to users.
Amendment 117 #
Proposal for a regulation
Recital 17
Recital 17
(17) To ensure a smooth processing of the information received or drawn-up by the collection bodies and made available to ESAP, it is necessary to lay down certain requirements specifying the format and the metadata of that information and which collection bodies should collect such information. In order to ensure the quality and comparability of the information submitted to ESAP by the collection bodies, it is also necessary to define the characteristics of the automated validations to be carried out on each information reaching the collection bodies, and the characteristics of the qualified electronic seal to be attached to that information by the entities. To ensure the use and re-use of data on ESAP, a list of the designated open standard licences would need to be defined. To facilitate the searching, finding, retrieving of the data in a timely manner, the characteristics of the application programming interface and the metadata to be implemented will also need to be designed. Additional requirements as regards efficient search functions will need to be implemented such as the specific legal entity identifier, the classification of the type of information, and the categories of the size of the entities. To that purpose, the Joint Committee of the European Supervisory Authorities should develop draft implementing technical standards to allow for global, interoperable and machine-readable access and a strong governance standard. Additionally, ESMA might develop draft implementing technical standards to determine the circumstances, nature and extent of the specific services for which fees may be charged and the associated fee structure. The Commission should be empowered to adopt those implementing technical standards by means of implementing acts pursuant to Article 291 TFEU and in accordance with Article 15 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council30 , No 1094/2010 of the European Parliament and of the Council31 and No 1095/2010 of the European Parliament and of the Council32 . _________________ 30 Regulation (EU) No 1093/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Banking Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/78/EC (OJ L 331, 15.12.2010, p. 12). 31 Regulation (EU) No 1094/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/79/EC (OJ L 331, 15.12.2010, p. 48). 32 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
Amendment 120 #
Proposal for a regulation
Recital 18 a (new)
Recital 18 a (new)
(18 a) Implementation of ESAP should be funded entirely from the EU budget until December 2027. Further funding after this date should be negotiated in the context of the next Multiannual Financial Framework.
Amendment 132 #
Proposal for a regulation
Article 3 – paragraph 1 – introductory part
Article 3 – paragraph 1 – introductory part
1. Any natural or legal person may submit to a collection body the information referred to in Article 1(1), point (b) to make that information accessible on ESAP upon its establishment. Each Member State shall designate at least one collection body for the collection of information submitted on a voluntary basis. When submitting that information, the natural or legal person shall:
Amendment 135 #
(a) provide the collection body with a minimum level of metadata about the information submitted;
Amendment 142 #
Proposal for a regulation
Article 3 – paragraph 1 – point d a (new)
Article 3 – paragraph 1 – point d a (new)
(d a) ensure that the voluntary nature of information submitted is appropriately highlighted and is accurate and clear.
Amendment 145 #
Proposal for a regulation
Article 3 – paragraph 2 – point a
Article 3 – paragraph 2 – point a
(a) thea minimum level of metadata to be provided about the information submitted;
Amendment 146 #
Proposal for a regulation
Article 3 – paragraph 2 – point c
Article 3 – paragraph 2 – point c
Amendment 152 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 2 a (new)
Article 3 – paragraph 2 – subparagraph 2 a (new)
The Joint Committee of the European Supervisory Authorities shall produce draft implementing technical standards setting out a minimum level of metadata required to accompany voluntary information submitted with the aim of minimising reporting requirements while supporting the integrity of the overall ESAP.
Amendment 153 #
Proposal for a regulation
Article 3 – paragraph 2 – subparagraph 2 b (new)
Article 3 – paragraph 2 – subparagraph 2 b (new)
The Joint Committee of the European Supervisory Authorities shall draw on existing technical standards when drafting the implementing technical standards.
Amendment 155 #
Proposal for a regulation
Article 5 – paragraph 1 – point a
Article 5 – paragraph 1 – point a
(a) collect and store the information submitted by the entities, using existing infrastructure and procedures where relevant;
Amendment 157 #
Proposal for a regulation
Article 5 – paragraph 1 – point b – introductory part
Article 5 – paragraph 1 – point b – introductory part
(b) perform technical automated validations on the information submitted to verify that the information complies with all of the following requirements:
Amendment 159 #
Proposal for a regulation
Article 5 – paragraph 1 – point b – point iii
Article 5 – paragraph 1 – point b – point iii
Amendment 161 #
Proposal for a regulation
Article 5 – paragraph 1 – point e
Article 5 – paragraph 1 – point e
(e) provide technical assistance to the entities submitting the information on the submission or, if relevant, resubmission process;
Amendment 164 #
Proposal for a regulation
Article 5 – paragraph 1 – point f – introductory part
Article 5 – paragraph 1 – point f – introductory part
(f) ensure thatprovide the information referred to in Article 1(1) so that it remains available to ESAP for at least 10 years, unless stated otherwise in the legal acts referred to in Article 1(1), point (a). Personal data in the information submitted pursuant to Article 1(1) shall not be retained and made available for longer than 5 years, unless stated otherwise in the legal acts referred to in Article 1(1), point (a).
Amendment 167 #
Proposal for a regulation
Article 5 – paragraph 2 – point a
Article 5 – paragraph 2 – point a
(a) where the automated validations referred to in paragraph 1, point (b), reveal that the information does not comply with the requirements laid down in that point (b) or on the basis of notifications received according to Article 10(2);
Amendment 168 #
Proposal for a regulation
Article 5 – paragraph 2 a (new)
Article 5 – paragraph 2 a (new)
2 a. Where information is rejected, entities may correct it and resubmit it.
Amendment 174 #
Proposal for a regulation
Article 5 – paragraph 4 a (new)
Article 5 – paragraph 4 a (new)
4 a. Entities shall be responsible for the quality, completeness, and accuracy of the information, as well as the inclusion of personal data;
Amendment 176 #
Proposal for a regulation
Article 5 – paragraph 5 a (new)
Article 5 – paragraph 5 a (new)
5 a. Collection bodies shall ensure appropriate levels of authenticity, availability, integrity, and non- repudiation of information
Amendment 177 #
Proposal for a regulation
Article 5 – paragraph 6 – introductory part
Article 5 – paragraph 6 – introductory part
6. The Joint Committee of the European Supervisory Authorities shall, in consultation with the collection bodies, develop draft implementing technical standards specifying all of the following:
Amendment 178 #
Proposal for a regulation
Article 5 – paragraph 6 a (new)
Article 5 – paragraph 6 a (new)
6 a. Data formats shall be machine readable and shall encompass a wide variety for formats which are non- platform specific, with references to existing sectoral standards, particularly as regards small and medium-sized undertakings. Any harmonisation of information shall be based on proportionality so as not to negatively impact certain issuers.
Amendment 179 #
Proposal for a regulation
Article 6 – paragraph 1 a (new)
Article 6 – paragraph 1 a (new)
Security policy in this area shall be periodically reviewed to account for the latest standards in order to ensure a continued high level of security.
Amendment 183 #
Proposal for a regulation
Article 7 – paragraph 3 – point c
Article 7 – paragraph 3 – point c
(c) the type of information submitted by the entity that submitted the information including whether it is mandatory or voluntary;
Amendment 185 #
Proposal for a regulation
Article 7 – paragraph 3 – point d
Article 7 – paragraph 3 – point d
(d) the date, time, year and month in which the information was submitted by the entity that submitted the information;
Amendment 188 #
Proposal for a regulation
Article 7 – paragraph 3 – point f a (new)
Article 7 – paragraph 3 – point f a (new)
(f a) date or period to which the information refers.
Amendment 197 #
Proposal for a regulation
Article 8 – paragraph 2 – subparagraph 1
Article 8 – paragraph 2 – subparagraph 1
ESMA may, however, charge fees for specific services that involve searches for a very large volume of information or for frequently updated information. Those fees shall not exceed the direct cost incurred by ESMA for the provision of the service.
Amendment 198 #
Proposal for a regulation
Article 8 – paragraph 2 – subparagraph 1 a (new)
Article 8 – paragraph 2 – subparagraph 1 a (new)
Circumstances where fees shall not apply include the use of information provided by ESAP by entities in fulfilling regulatory obligations, and use of information for educational purposes.
Amendment 200 #
Proposal for a regulation
Article 8 – paragraph 3 – point e a (new)
Article 8 – paragraph 3 – point e a (new)
(e a) any Member State government institution, body, or agency.
Amendment 206 #
Proposal for a regulation
Article 9 – paragraph 1 – subparagraph 1 (new)
Article 9 – paragraph 1 – subparagraph 1 (new)
Neither ESMA nor collection bodies shall be responsible or liable for the use and re- use of information accessible on ESAP
Amendment 213 #
Proposal for a regulation
Article 11 – paragraph 1 – point c
Article 11 – paragraph 1 – point c
(c) ensure that ESAP is accessible at least 956% of the time per month;
Amendment 215 #
Proposal for a regulation
Article 11 – paragraph 1 – point d – point iv a (new)
Article 11 – paragraph 1 – point d – point iv a (new)
(iv a) Issues of data quality, comparability, and rectification of submission errors.
Amendment 217 #
Proposal for a regulation
Article 11 – paragraph 2 a (new)
Article 11 – paragraph 2 a (new)
2 a. ESMA shall establish an advisory group comprised of database and information technology experts and draw on this technical expertise as appropriate in order to address outstanding issues.
Amendment 219 #
Proposal for a regulation
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
3 a. ESMA shall ensure that personal data processing is in compliance with the Data Protection Framework for EU Institutions.
Amendment 221 #
Proposal for a regulation
Article 13 – paragraph 1
Article 13 – paragraph 1
By [PO, please insert a date 5 years after the entry into force of this Regulation], the Commission shall review the functioning of ESAP and assess its effectiveness. If the report reveals operational difficulties from either the reporting entities, collection bodies or ESMA, the Commission shall take appropriate action, including by adopting a delegated act to rectify the matter(s), and including any changes to the scope of information required for submission until the matter(s) is resolved. The Commission shall report to the European Parliament and to the Council on the results of this review.
Amendment 224 #
The review report shall address, inter alia, any technical challenges in implementation, collection issues, security issues, cost issues, and access issues, as well as issues pertaining to additional visibility of small and medium-sized undertakings.
Amendment 225 #
Proposal for a regulation
Article 13 – paragraph 1 b (new)
Article 13 – paragraph 1 b (new)
The review shall make recommendations on the future development of ESAP including any further reporting requirements to be included within the scope.
Amendment 226 #
Proposal for a regulation
Article 13 – paragraph 1 c (new)
Article 13 – paragraph 1 c (new)
The Commission may propose amending legislation to amend, update, or expand the scope of ESAP to include other reporting requirements.
Amendment 227 #
Proposal for a regulation
Annex I – Part A – point 3
Annex I – Part A – point 3
Amendment 228 #
Proposal for a regulation
Annex I – Part A – point 10
Annex I – Part A – point 10
Amendment 229 #
Proposal for a regulation
Annex I – Part A – point 21
Annex I – Part A – point 21
Amendment 236 #
Proposal for a regulation
Annex I – Part B – point 11
Annex I – Part B – point 11